Cebu Landmasters Inc., a listed property developer in the Visayas and Mindanao, said Wednesday first-quarter net income jumped 43 percent year-on-year to P1.17 billion on strong results from hotel operations and leasing as well as from higher real estate sales.
Consolidated first-quarter revenue increased 33 percent to P4.78 billion.
Revenue from real estate sales grew 33 percent to P4.71 billion while reservation sales take-up rose 16 percent to P5.22 billion. Cebu accounted for 40 percent of real estate sales. Revenue from hotel operations jumped 79 percent to P29 million, driven by improved room rates as business and tourism travel normalized further in 2023. Leasing revenue increased 22 percent to P21 million while property management lifted revenue by 27 percent to P15 million.
“Our unwavering commitment to excellence at CLI led to double-digit expansions in sales, hotel operations, leasing, and management fees,” CLI senior executive vice-president and chief operating officer Jose Franco Soberano said. “We believe that our remarkable Q1 2023 financial performance sets the tone for the rest of the year, inspiring confidence in our shareholders while reinforcing our position as the leading developer in VisMin and a major contributor to Philippine real estate.”
In 2023, CLI plans to start operations of three hotels, increasing rooms to 657 from 180 at the end of 2022. It also expects sales from its 19 residential projects in the pipeline, valued at P29.75 billion, to prop results this year.
In the next 2 years, CLI will also complete over 46,008 square meters of gross leasable area from their commercial leasing business, including retail spaces at its Astra Centre Mall and the City Center at the Davao Global Township.
